As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull and bear runs, market crashes, and rallies that left even the most seasoned traders in awe. Yet, the current price action of XRP is something that has piqued my interest more than ever before.
Over the last few days as we near the end of September’s second week, the value of XRP, a well-known cryptocurrency, has seen an overall growth exceeding 10.3%. This substantial price surge pushed XRP from $0.5231 to $0.5842, marking the largest weekly increase since mid-July. In other words, over the past two months, this week has recorded the most significant rise in XRP’s value.
Looking at the graph of a widely-used cryptocurrency, it’s clear that the price hasn’t surpassed the significant barrier of static resistance that dates back to May 2022 so far.
The rise in XRP‘s price has multiple causes, and discussions about this surge aren’t recent. Among traders and cryptocurrency fans, the latest phase of growth for XRP began when conversations started swirling that it might be on the verge of setting a record-breaking leap in its market history.
Essentially, we’re referring to a significant, symmetrical triangle shape that has appeared on the XRP price graph since 2018. If this pattern holds true as per technical analysis rules, it could potentially cause a surge in the XRP value, possibly reaching or exceeding $4.2, which represents a potential increase of over 360%.
Head, shoulders and triangles
Furthermore, inside this triangle, XRP appears to be forming another notable pattern through its price movements known as an “inverted head and shoulders” pattern.
According to a previous report by U.Today, a left shoulder was developed between May and December 2022, followed by the head in June 2023. From August 2024 onwards, the right shoulder has been seen forming.
As an analyst, I would emphasize the significance of keeping a close eye on the crucial price range between $0.65 and $0.66. Should the price manage to surge beyond this point, it could potentially propel the value up to $1.
It’s uncertain whether a breakout or a neckline breakout will occur soon, but there’s no doubt that the state of XRP has never been more intriguing.
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2024-09-15 17:36